RBI: BANKS MUST SCALE UP SECURITY

Reserve Bank of India ( RBI) deputy governor R. Gandhi said on Friday that banks need to scale up cyber security preparedness to meet emerging threats.

“Equally important is the timely detective measures. It is pertinent to prepare ourselves to face such incidents, by having a robust crisis management plan,” said Mr Gandhi at a conference organised by Assocham.

He said that banks need to put in place preventive measures such as appropriate controls framework around the systems, reconciliation of transactions in on real or near real time basis, controls over the message creation and transmission and applying timely security patches to the interfaces. He said banks need close monitoring of transactions and disabling USB, and internet access on the connected nodes.